Economic Bulletin

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Periodical Economic Bulletin Policy Issue

2023 Budget Proposal: The government drew up the first budget under the current administration in a way that reflects its national policy objectives. The total expenditure for 2023, worth 639.0 trillion won, records a 5.2 percent increase from the previous year, which is a 60 percent level compared to the average government expenditures increase (8.7 percent) during the past five years from 2018 to 2022. Available resources of the central government, excluding local subsidies and local education subsidies of 22 trillion won, amount to 9 trillion won. The direction for the 2023 budget is to make a shift toward tightening fiscal spending by working on fiscal reforms through expenditure restructuring worth around 24 trillion won. The government will work towards expanding the protection of low-income and vulnerable households, buttressing the private sector-led economy and improving national safety and security as well as international status. The 2022-2026 fiscal management plan to increase fiscal sustainability has been drawn up to reduce fiscal deficits and normalize the pace of growth of government debt. * For further details, please refer to the attached file

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